Martial Arts Consortium Submits Phase 2 Proposal for 'Jamsil MICE Complex Space Development Project'

Perspective view of Jamsil MICE Complex Space Development Project (Photo by Muhyup)

[Asia Economy Reporter Jeong Hyunjin] The Korea International Trade Association (KITA) consortium announced on the 29th that it has submitted the second-phase business proposal for the 'Jamsil Sports & MICE Complex Development Private Investment Project.'

The Jamsil MICE complex development project aims to transform approximately 350,000㎡ of land around the Jamsil Sports Complex into a comprehensive MICE space by 2029, including exhibition and convention facilities (about 120,000㎡), a baseball stadium (about 35,000 seats), a multi-purpose sports facility (about 11,000 seats), a hotel (about 900 rooms), cultural and commercial facilities, and office spaces. The total project cost is expected to reach 2 trillion KRW.

KITA, the lead company of the consortium, has been promoting the project for five years since first proposing the Jamsil MICE development project to the Seoul Metropolitan Government in 2016, undergoing reviews and simulations.

A KITA official stated, "Having operated the Trade Center, the country's top exhibition and convention complex, for over 30 years, the association understands better than anyone the economic value of the exhibition and convention industry as well as its impact on the globalization of cities. Through this Jamsil MICE complex development project, we have prepared with a strong sense of mission to attract large-scale international conferences, exhibitions, and conventions to elevate South Korea's national prestige and to advance the country's service industry and trade to a higher level through the development of the exhibition and convention industry."

Hyundai Engineering & Construction, the lead construction company of the consortium, is responsible for the remodeling of the adjacent Jamsil Main Stadium and the construction of Hyundai Motor Group's Global Business Center (GBC). Other leading domestic construction companies participating include GS Engineering & Construction, POSCO Engineering & Construction, Daewoo Engineering & Construction, Lotte Engineering & Construction, and SK Ecoplant.

In the core financial sector of the project, KB Group, the nation's top financial group, leads participation along with NH Investment & Securities and Korea Investment & Securities. In the operations sector, global companies such as CJ ENM, Interpark, Dreamus Company, Chosun Hotel, Lotte Hotel, Seohan Corporation, Shinsegae Property, and Lotte Shopping are partners.

A KITA official said, "Global complex facilities require core expertise not only in construction but also in operation. The KITA consortium, based on its experience operating the Trade Center, is the best candidate to maximize the synergy effect of the entire international exchange complex district connecting the Trade Center, Hyundai Motor GBC, and Jamsil." KITA analyzed that upon completion of this development project, more than 110,000 people annually, including foreigners, will participate in exhibition and convention events in the Jamsil area, generating an economic effect exceeding 1.5 trillion KRW annually.